Rosecliff Capital's Mike Murphy said that a positive employment number pushed investors to dump bonds in the morning.

Murphy also noted that the S&P 500 had climbed to 1,626 on light volume, "stopped on a dime and reversed course."

"We're right back at that level now," he added. "That was a key level before, and I think if we break through this to the upside, we're looking at 1,640."

Trader disclosure: On July 5, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long M; Steve Weiss is long F; Pete Najarian is long AAPL; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long BBRY; Pete Najarian is long F; Pete Najarian is long RDN; Pete Najarian is long AGO; (As of June 27) Mike Murphy is long BAC; Mike Murphy is long FB; (As of July 2) Jon Najarian is long AAPL; Jon Najarian is long ZNGA; Jon Najarian is long KSS; Jon Najarian is long DVA bought today; Jon Najarian is long COG; Jon Najarian is short XLF puts.